Name: __________________________ Date: _____________

1. The market for corn in Ontario is considered to be competitive. This means there are
_____ buyers and _____ sellers of corn in Ontario.
A) many; few
B) few; many
C) many; many
D) few; few

2. The law of demand states that, other things equal, as the price:
A) increases, the quantity demanded will increase.
B) decreases, the demand curve will shift to the right.
C) increases, demand will decrease.
D) increases, the quantity demanded will decrease.

3. A negative relationship between the quantity demanded and price is called the law of:
A) demand.
B) increasing returns.
C) market clearing.
D) supply.

4. Which statement illustrates the law of demand?

A) An increase in tuition encourages more students to enroll in university because the
quality of education has risen.
B) Consumers buy more personal computers because prices have fallen.
C) Oil companies drill for new sources because prices are higher.
D) Fewer people play golf because incomes are lower.

5. _____ illustrates an inverse relationship between price and quantity.

A) A demand curve
B) A supply curve
C) A production possibility frontier
D) Equilibrium

6. A negative relationship between the quantity demanded and price is called the law of:
A) demand.
B) marginality.
C) efficiency.
D) supply.

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 7. The law of demand is illustrated by a demand curve that is:
A) horizontal.
B) downward sloping.
C) vertical.
D) upward sloping.

8. The law of demand implies that:

A) consumers are not responsive to price changes.
B) consumers will buy more at lower prices.
C) sellers will offer more on the market at higher prices.
D) sellers will offer less on the market at lower prices.

9. The _____ apples will decrease when apple prices rise.

A) demand for
B) quantity demanded of
C) supply of
D) equilibrium of

10. A decrease in the price of a good will result in:

A) an increase in demand.
B) an increase in supply.
C) an increase in the quantity demanded.
D) more being supplied.

11. Which factor would result solely in a movement along the demand curve for a particular
good?
A) a change in the prices of related goods
B) a change in the price of that good
C) a change in the size of the population
D) both a change in the price of that good and a change in the size of the population

12. A decrease in the price of eggs will result in an increase in the:

A) demand for eggs.
B) supply of eggs.
C) quantity of eggs supplied.
D) quantity of eggs demanded.

13. Which statement BEST exemplifies the law of demand?

A) As income taxes rise, fewer new cars are purchased.

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B) As the price of corn rises, more hectares of corn are planted.
C) As the price of a car rental rises, fewer cars are rented.
D) As the population rises, more electricity is consumed.

14. Which statement is CORRECT?

A) A change in demand is a movement along the demand curve, and a change in the
quantity demanded is a shift of the demand curve.
B) Both a change in the quantity demanded and a change in demand are movements
along the demand curve, only in different directions.
C) Both a change in the quantity demanded and a change in demand are shifts of the
demand curve, only in different directions.
D) A change in the quantity demanded is a movement along the demand curve, and a
change in demand is a shift of the demand curve.

15. In much of the country, homeowners choose to heat their houses with either natural gas
or heating oil, both of which are normal goods. Which factor would cause an increase in
the demand for natural gas?
A) an increase in the price of natural gas
B) a decrease in the price of natural gas
C) a decrease in the price of heating oil
D) an increase in consumer incomes

16. Raclette is a popular wintertime dish in Switzerland. It is essentially melted Raclette

cheese over boiled new potatoes. If the price of Raclette cheese decreased, we would
expect to see:
A) an increase in demand for Raclette cheese.
B) an increase in demand for new potatoes.
C) no effect on the demand for either of the Raclette ingredients since this is a
traditional dish and its consumption does not depend on the prices of the
ingredients.
D) an increase in demand for both Raclette cheese and new potatoes.

17. When the economy suffers a downturn and the incomes of many people decrease,
vacationers are more likely to take car trips than to fly. Which statement provides one
possible explanation for this phenomenon?
A) Air travel and travel by car are complementary goods.
B) Air travel and travel by car are both normal goods.
C) Air travel is a normal good and travel by car is an inferior good.
D) Air travel is an inferior good and travel by car is a normal good.

18. A shift of the demand curve for thin-crust pizza would NOT be caused by a change in:

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A) buyers' incomes.
B) the price of thin-crust pizza.
C) the price of thick-crust pizza.
D) the popularity of thin-crust pizza.

19. If goods A and B are substitutes, a decrease in the price of good B will:
A) increase the demand for good A.
B) increase the demand for good B.
C) decrease the demand for good A.
D) increase the demand for good B and decrease the demand for good A.

20. If goods A and Z are complements, an increase in the price of good Z will:
A) increase the demand for good A.
B) decrease the demand for good A.
C) decrease the demand for good Z.
D) decrease the demand for both good A and good Z.

21. Over the past several years, consumers have had an increasing interest in getting tattoos.
This means that the _____ for tattoos has _____.
A) quantity demanded; increased
B) demand; decreased
C) demand; increased
D) quantity demanded; decreased

22. Which factor will NOT cause an increase in demand for good X?
A) a decrease in income if good X is an inferior good
B) an increase in income if good X is a normal good
C) a decrease in the price of good X
D) an increase in the popularity of good X with consumers

23. Which statement is TRUE of a normal good?

A) When income increases, the demand for the good remains unchanged.
B) When income increases, the demand for the good decreases.
C) When income increases, the demand for the good increases.
D) Income and the demand are unrelated.

24. Which statement is TRUE of an inferior good?

A) When income increases, demand remains unchanged.
B) When income increases, demand decreases.
C) When income increases, demand increases.

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D) Income and demand are unrelated.

25. The demand curve for monthly subscriptions to The Movie Network has shifted to the
right. What could have caused it?
A) a fall in the price of The Movie Network subscriptions
B) an increase in the price of The Movie Network subscriptions
C) an increase in the supply of The Movie Network subscriptions
D) an increase in the incomes of buyers

26. If people demand more of product A when the price of B falls, then A and B are:
A) not related.
B) substitutes.
C) complements.
D) inferior goods.

27. If the demand for tires goes down when the price of gas goes up, then tires and gas are:
A) substitutes.
B) complements.
C) both expensive.
D) both inexpensive.

28. An increase in the price of hamburger would probably result in _____ in the demand for
hamburger buns.
A) a decrease
B) an increase
C) no change
D) random fluctuations

29. An announcement that smoking will harm your ability to think clearly will MOST likely
result in:
A) an increase in the quantity of cigarettes demanded.
B) a decrease in the demand for cigarettes.
C) no change in smoking habits.
D) an increase in the price of cigarettes.

30. If steak and potatoes are complements, when the price of steak goes up, the demand
curve for potatoes:
A) shifts to the right.
B) shifts to the left.
C) stays the same.

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D) shifts to the right and then moves back.

31. If chicken and beef are substitutes, then a fall in the price of chicken will bring about:
A) an increase in the demand for beef.
B) a decrease in the demand for beef.
C) an increase in the quantity demanded of beef.
D) no change in the demand for beef.

32. For most goods, purchases tend to rise with increases in buyers' incomes and to fall with
decreases in buyers' incomes. Such goods are known as:
A) inferior.
B) direct.
C) normal.
D) indirect.

33. An inferior good is one for which a(n) _____ in buyers' incomes causes a(n) _____.
A) increase; increase in demand
B) increase; increase in the quantity demanded
C) increase; decrease in demand
D) decrease; decrease in demand

34. Pizza is a normal good. If students' incomes at your university increase, the effect on
pizza will be:
A) an increase in demand.
B) an increase in the quantity demanded.
C) a decrease in demand.
D) no change in demand.

35. After graduation from university, you might have an increase in your income from a
new job. If as a result you decide that you will purchase more T-bone steak and less
hamburger, then for you hamburger is a(n) _____ good.
A) normal
B) substitute
C) complementary
D) inferior

36. An increase in the demand for gasoline today caused by concerns that gasoline prices
will be higher tomorrow is most likely attributable to a change in:
A) income.
B) consumer expectations.

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C) consumer preferences.
D) prices of other goods.

37. Which factor would shift the demand curve for new textbooks to the right?
A) a decrease in the price of paper
B) a fall in the price of used textbooks
C) an increase in university enrollment
D) a fall in the price of new textbooks

38. Which factor is likely to cause a rightward shift in the demand for home-delivered
pizza?
A) a lower price of pizza
B) a lower price of fast-food hamburgers
C) a higher price of pepperoni
D) a larger population

39. Which two goods are most likely substitutes in consumption?

A) loaves of bread and sticks of butter
B) loaves of bread and toasters
C) loaves of bread and hamburger buns
D) loaves of bread and gasoline

40. The demand for meals at a local Tim Hortons will shift to the left if:
A) Saladworks (a competitor) offers a 10% discount coupon in the local newspaper.
B) the price of a meal at Tim Hortons rises.
C) local incomes increase and Tim Hortons meals are a normal good.
D) the price of gasoline falls in the area.

41. Assuming that tablets are normal goods, which factor will NOT increase demand for
tablets?
A) an increase in the incomes of tablet users
B) cool new computer games that can only be played on tablets
C) a very large company that makes tablets going out of business
D) an increase in the price of laptop computers

42. In the market for canned pinto beans, _____ will increase if income increases and if
pinto beans are a(n) _____ good.
A) demand; inferior
B) demand; normal
C) supply; inferior

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D) supply; normal

43. When the price of gas goes down, the demand for tires goes up. A likely possibility is
that tires and gas are:
A) substitutes.
B) complements.
C) both inferior goods.
D) both inexpensive.

44. If the price of eggs decreased, it would probably result in _____ in the demand for
bacon, a complement good.
A) a decrease
B) an increase
C) no change
D) random fluctuations

45. The demand curve for running shoes has shifted to the right. What could have caused it?
A) a fall in the price of running shoes
B) an increase in the price of running shoes
C) an increase in the supply of running shoes
D) an increased enthusiasm among the population for running as exercise

46. Which factor will NOT cause an increase in the supply of cornflakes?
A) an increase in the price of cornflakes
B) a cost-saving improvement in the technology of corn production
C) a reduction in the price of corn
D) the expectation by producers that the price of cornflakes will fall in the future

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Use the following to answer questions 47-51:

Figure: Supply of Coconuts

47. (Figure: Supply of Coconuts) Use Figure: Supply of Coconuts. If the price of coconuts
decreased, it would be represented in the figure as a movement from:
A) A to B.
B) B to A.
C) C to A.
D) E to B.

48. (Figure: Supply of Coconuts) Use Figure: Supply of Coconuts. If the prices of inputs
(e.g., labour, fertilizer, and fuel) used to produce and transport coconuts increased, it
could be represented in the figure as a movement from:
A) A to B.
B) B to A.
C) C to A.
D) E to B.

49. (Figure: Supply of Coconuts) Use Figure: Supply of Coconuts. If the prices of inputs
(e.g., labour, fertilizer, and fuel) used to produce and transport coconuts decreased, it
could be represented in the figure as a movement from:
A) A to B.
B) B to A.
C) C to A.
D) E to B.

50. (Figure: Supply of Coconuts) Use Figure: Supply of Coconuts. An improvement in the
technology used to harvest coconuts (e.g., a faster, less expensive coconut picker) would
be represented in the figure as a movement from:
A) A to C.

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 B) B to A.
C) C to A.
D) B to E.

51. (Figure: Supply of Coconuts) Use Figure: Supply of Coconuts. An expectation on the
part of coconut suppliers that the price of coconuts will be significantly higher in the
very near future would be represented in the figure as a movement from:
A) A to B.
B) B to A.
C) A to C.
D) B to E.

Use the following to answer questions 52-53:

Figure: The Supply of Online Movie Rentals

52. (Figure: The Supply of Online Movie Rentals) Use Figure: The Supply of Online Movie
Rentals. A decrease in the price of online movies sold by movie producers to rental
outlets like Amazon and Apple would result in a change illustrated by the move from:
A) n to o in panel (a).
B) p to q in panel (b).
C) s to t in panel (c).

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 D) u to v in panel (d).

53. (Figure: The Supply of Online Movie Rentals) Use Figure: The Supply of Online Movie
Rentals. A decrease in the price of online movie rentals would result in a change
illustrated by the move from:
A) n to o in panel (a).
B) p to q in panel (b).
C) s to t in panel (c).
D) u to v in panel (d).

Use the following to answer questions 54-55:

54. (Table: Supply of Lemonade) Use Table: Supply of Lemonade. If the price of lemonade
is $1 per cup, the total quantity of lemonade supplied will be _____ cups per day.
A) 50
B) 80
C) 25
D) 90

55. (Table: Supply of Lemonade) Use Table: Supply of Lemonade. When the price of
lemonade is $1 per cup, the quantity of lemonade supplied by Eli will be _____ cups per
day.
A) 40
B) 90
C) 10
D) 25

56. _____ illustrates a positive relationship between price and quantity.

A) A demand curve
B) A supply curve

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C) A production possibility frontier
D) Equilibrium

57. The typical supply curve illustrates that:

A) other things equal, the quantity supplied for a good is inversely related to the price
of a good.
B) other things equal, the supply of the good creates its own demand for the good.
C) other things equal, the quantity supplied for a good is positively related to the price
of a good.
D) price and quantity supplied are unrelated.

58. When the price of lamps increases, the:

A) supply increases.
B) quantity supplied increases.
C) supply decreases.
D) quantity supplied decreases.

59. When the price of desks increases, the:

A) quantity supplied increases.
B) supply increases.
C) quantity supplied decreases.
D) supply decreases.

60. A decrease in supply of good X means:

A) a shift to the left of the entire supply curve for good X.
B) a movement down the supply curve as prices of good X go down.
C) that less of good X will be demanded at every price.
D) that more of good X will be supplied at every price.

61. The primary difference between a change in supply and a change in the quantity
supplied is that:
A) a change in quantity supplied is a movement along the supply curve, while a
change in supply is a shift in the supply curve.
B) both a change in quantity supplied and a change in supply are movements along the
supply curve, only in different directions.
C) a change in supply is related to the supply curve, while a change in quantity
supplied is related to shifts in the demand curve that shift the supply curve.
D) a change in supply is a movement along the supply curve, while a change in
quantity supplied is a shift in the supply curve.

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 62. If the price of a commodity increases, you can usually expect the:
A) supply to increase.
B) quantity supplied to increase.
C) quantity supplied to decrease.
D) supply curve to shift to the right.

63. In the market for tacos, the factor that does NOT shift the supply curve to the left is:
A) an increase in the price of beef.
B) an increase in the wages of taco shop workers.
C) fewer taco shops.
D) a decrease in the price of tacos.

64. In the local market for coffee, if Joyce's Java and Everyday Joe's coffee shops go out of
business, the _____ curve shifts to the _____.
A) supply; right
B) demand; left
C) supply; left
D) demand; right

65. Which factor is NOT a determinant of supply?

A) expectations regarding future prices
B) the technology of production
C) the cost of production
D) consumer tastes

66. Which influence does NOT shift the supply curve?

A) people deciding that they want to buy more of the product
B) a decrease in the price firms expect to receive in the future
C) a rise in the wages paid to workers
D) the development of a new production technology

67. Which factor will NOT cause an increase in the supply of good X?
A) an improvement in the technology used to produce good X
B) an increase in the number of firms that sell good X
C) an increase in the price of inputs used to produce good X
D) a decrease in the price of labour used to produce good X

68. Consider the supply curve for cotton shirts. An increase in the price of cotton will:
A) increase the supply of cotton shirts.
B) decrease the supply of cotton shirts.

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C) increase the quantity supplied of cotton shirts.
D) decrease the demand for cotton shirts.

69. Over the past few years, the technology associated with producing flat-panel televisions
has improved. This has led to a(n) _____ in the _____ flat-panel televisions.
A) increase; supply of
B) decrease; demand for
C) decrease; supply of
D) decrease; quantity supplied of

70. A technological advance in the production of automobiles will _____ the _____
automobiles.
A) decrease; demand for
B) increase; supply of
C) decrease; demand
D) decrease; supply of

71. Which factor would cause an INCREASE in the supply of a good?

A) rising input prices
B) a fall in the price of the good
C) an increase in the number of sellers
D) expectations of future price increases

72. Which factor would cause an INCREASE in the supply of a good?

A) an increase in input prices
B) suppliers' expectations of higher prices in the future
C) an increase in the price of the good
D) a decrease in the price of resources used in production

73. Which factor would cause a DECREASE in the supply of a good?

A) an increase in the price of goods that are used in production
B) suppliers' expectations of lower prices in the future
C) an advancement in the technology for producing the good
D) an increase in the number of producers

74. If the price of mozzarella cheese (an ingredient in pizza) declines, there will be:
A) a decrease in the supply of pizza.
B) an increase in the supply of pizza.
C) a decrease in the quantity of pizza supplied.
D) no change in the supply of pizza.

Page 14
 75. Which factor would cause an INCREASE in the supply of a good?
A) an increase in input prices
B) a decrease in the number of sellers in the market
C) suppliers' expectations of higher prices in the future
D) an advancement in the technology for producing the good

76. Which factor would cause a DECREASE in the supply of a good?

A) a decrease in input prices
B) an increase in the number of sellers in the market
C) suppliers' expectations of higher prices in the future
D) an advancement in the technology for producing the good

77. Which factor would NOT cause the supply curve to shift?
A) a change in the technology of production
B) a change in factor costs
C) a change in the price of the good
D) a change in suppliers' expectations of future prices

78. Which factor would cause a LEFTWARD shift in the supply curve for a good?
A) an increase in the number of sellers
B) a technological improvement in production
C) an increase in the cost of an input
D) an increase in the number of buyers

79. Which factor is MOST likely to shift the supply of milk to the right?
A) a tax on each litre of milk produced
B) an increase in household income, milk being a normal good
C) a decrease in the price of feed given to dairy cows
D) the bankruptcy of many small dairy farms

80. In the market for wheat, if the price of ethanol (which is made from corn, a substitute in
the production process) increased dramatically, the _____ wheat would _____.
A) supply of; increase
B) supply of; decrease
C) demand for; increase
D) demand for; decrease

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Use the following to answer questions 81-86:

Figure: Demand and Supply of Gasoline

81. (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.
A factor that may have changed supply from S1 to S2 is:
A) better technology in the production of gasoline.
B) increased demand.
C) lower labour productivity in gasoline production.
D) increased prices of substitutes in production for gasoline.

82. (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.
Given the equilibrium after a change in supply from S1 to S2:
A) at the old price of $2.50, there will be pressure for the price to fall.
B) the new price will be $2.00.
C) the new quantity will be 600.
D) the price will remain constant.

83. Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.
The initial equilibrium price and quantity (at intersection of S1 and D) of gasoline are:
A) $2.00 and 450 litres.
B) $1.50 and 400 litres.
C) $2.00 and 200 litres.
D) $2.50 and 300 litres.

84. (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.

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 Given the initial equilibrium of S1 and D, any price lower than _____ will exert pressure
for the price to _____.
A) $2.00; fall
B) $2.50; rise
C) $3.00; rise
D) $2.50; fall

85. (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.
When the supply curve shifted from the initial equilibrium, the new intersection of
supply and demand has a price of _____ and quantity of 400. This supply shift could
have resulted from _____.
A) $1.50; an increase in consumers' income
B) $1.50; an improvement in refining technology
C) $2.00; an increase in the number of buyers
D) $2.00; an increase in consumers' income

86. (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.
What might cause the supply curve to shift from S2 back to the initial supply curve S1?
A) The Organization of Petroleum Exporting Countries (OPEC) restricts the
production of crude oil.
B) OPEC increases the production of crude oil.
C) Canadian citizens want to buy more gas.
D) Technology in the refinement of gasoline greatly improves.

Use the following to answer questions 87-92:

87. (Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for
Chocolate-Covered Peanuts. If the price of chocolate-covered peanuts is $0.60, the price
will:
A) not change.
B) fall to $0.30.

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C) fall to $0.50.
D) rise to $0.70.

88. (Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for
Chocolate-Covered Peanuts. The equilibrium quantity and the equilibrium price are
_____ bags per month and _____.
A) 140; $0.40
B) 175; $0.60
C) 175; $0.80
D) 210; $0.50

89. (Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for
Chocolate-Covered Peanuts. If the price of chocolate-covered peanuts is $0.80, there is
a monthly:
A) surplus of 140 bags per month.
B) shortage of 140 bags per month.
C) surplus of 70 bags per month.
D) shortage of 70 bags per month.

90. (Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for
Chocolate-Covered Peanuts. A surplus of 210 bags of chocolate-covered peanuts per
month exists if the price is _____ per bag.
A) $0.90
B) $0.80
C) $0.60
D) $0.40

91. (Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for
Chocolate-Covered Peanuts. If the price of chocolate-covered peanuts is $0.50, there is
a:
A) surplus of 35 bags per month.
B) shortage of 35 bags per month.
C) surplus of 70 bags per month.
D) shortage of 70 bags per month.

92. (Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for
Chocolate-Covered Peanuts. A shortage of 210 bags of chocolate-covered peanuts per
month exists if the price is _____ per bag.
A) $0.80
B) $0.60
C) $0.40

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 D) $0.30

93. What is the difference between a shortage and scarcity?

A) Scarcity will almost always exist, but a shortage will exist only if the price is kept
below the equilibrium level.
B) Scarcity is a result of two or more alternative uses, and quantities of supply and
demand adjusting to flexible prices will create shortages.
C) A shortage will exist when a good is scarce.
D) There is no distinction between the two. They are the same thing.

Use the following to answer questions 94-101:

Figure: The Demand and Supply of Wheat

94. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. If a price of $10 temporarily exists in this market, a _____ of _____ bushels per
period will result.
A) shortage; 10 000
B) shortage; 8 000
C) surplus; 8 000
D) surplus; 4 000

95. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. A price of _____ will result in a _____.
A) $6; shortage
B) $9; surplus
C) $8; shortage

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D) $4; surplus

96. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. If there is an increase in demand of 2 000 bushels per period at each price, the
equilibrium price and quantity will be _____ and _____ bushels per period, respectively.
A) $5; 5 000
B) $6; 7 000
C) $7; 7 000
D) $8; 8 000

97. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. If there is a decrease in supply of 2 000 bushels per period at each price, the
equilibrium price and quantity will be _____ and _____ bushels per period, respectively.
A) $5; 5 000
B) $7; 5 000
C) $6; 4 000
D) $8; 6 000

98. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. A temporary price of $2 in this market would result in a _____ of _____ bushels
per period.
A) surplus; 4 000
B) shortage; 8 000
C) shortage; 10 000
D) surplus; 10 000

99. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. What is the equilibrium quantity in this wheat market each period?
A) 12 000 bushels
B) 2 000 bushels
C) 10 000 bushels
D) 6 000 bushels

100. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. If a price of $8 temporarily exists in this market, a _____ of _____ bushels per
period will result.
A) shortage; 2 000
B) surplus; 4 000
C) shortage; 4 000
D) surplus; 6 000

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 101. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of
Wheat. A temporary price of $4 in this market would result in a _____ of _____ bushels
per period.
A) surplus; 4 000
B) shortage; 2 000
C) shortage; 4 000
D) surplus; 2 000

Use the following to answer question 102:

102. (Table: The Lemonade Market) Use Table: The Lemonade Market. If the price of
lemonade is $1.25 per cup, we expect to see a:
A) rising price to eliminate the shortage.
B) rising price to eliminate the surplus.
C) falling price to eliminate the shortage.
D) market in equilibrium.

Page 21
Use the following to answer questions 103-105:

Figure: The Blu-ray Disc Rental Market

103. (Figure: The Blu-ray Disc Rental Market) Use Figure: The Blu-ray Disc Rental Market.
If the rental price of Blu-ray discs rises from $5 to $7:
A) demand will decrease from 50 to 30 rentals per weekend.
B) the quantity demanded will decrease from 50 to 30 rentals per weekend.
C) supply will increase from 50 to 70 rentals per weekend.
D) the quantity supplied will increase from 50 to 60 rentals per weekend.

104. (Figure: The Blu-ray Disc Rental Market) Use Figure: The Blu-ray Disc Rental Market.
At a rental price of $3, there will be:
A) equilibrium in the rental market for Blu-ray discs.
B) an increase in demand.
C) an excess supply of 40 Blu-ray disc rentals.
D) an excess demand of 40 Blu-ray disc rentals.

105. (Figure: The Blu-ray Disc Rental Market) Use Figure: The Blu-ray Disc Rental Market.
At a rental price of $6, there will be:
A) equilibrium in the rental market for Blu-ray discs.
B) a decrease in demand.
C) an excess supply of 20 Blu-ray disc rentals.
D) an excess demand of 20 Blu-ray disc rentals.

106. If the market for Alberta buffalo meat is in equilibrium, the price of buffalo meat will
probably _____ in the near future.
A) increase
B) not change

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C) decrease
D) increase considerably

107. Market equilibrium occurs when:

A) there is no incentive for prices to change in the market.
B) the quantity demanded equals the quantity supplied.
C) the market clears.
D) there is no incentive for prices to change in the market, the quantity demanded
equals the quantity supplied, and the market clears.

108. The market equilibrium is found at the:

A) price where the quantity demanded exceeds the quantity supplied.
B) price where the quantity demanded equals the quantity supplied.
C) price where the quantity supplied exceeds the quantity demanded.
D) highest price possible in the market.

109. Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units.
Supply in this market is upward sloping. If the price of good Y is $12:
A) the quantity demanded will be greater than 150 units.
B) the quantity supplied will be less than 150 units.
C) there will be an excess demand for good Y.
D) there will be an excess supply of good Y.

110. Excess supply occurs when the:

A) price is above the equilibrium price.
B) quantity demanded exceeds the quantity supplied.
C) price is below the equilibrium price.
D) quantity demanded exceeds the quantity supplied and the price is below the
equilibrium price.

111. If in a competitive market the quantity supplied exceeds the quantity demanded, we
expect prices to:
A) stay the same.
B) rise.
C) fall.
D) rise first, then fall when demand decreases.

112. If the quantity of housing supplied in a community is greater than the quantity of houses
demanded, the existing price:
A) is above the market equilibrium price.

Page 23
B) will rise to clear the market.
C) will either rise or remain unchanged.
D) is below the market equilibrium price.

113. If the supply and demand curves intersect at a price of $47, then any price above that
would result in:
A) a shortage.
B) a surplus.
C) equilibrium.
D) an increase in demand.

114. If the supply and demand curves intersect at a price of $14, then any price below that
would result in:
A) a shortage.
B) a surplus.
C) equilibrium.
D) an increase in demand.

115. Suppose the equilibrium price of good X is $25 and the equilibrium quantity is 124
units. If the price of good X is $2:
A) there will be excess demand for good X.
B) there will be an excess supply of good X.
C) the market will clear.
D) the quantity demanded of good X will be less than 124 units.

116. The _____ tomatoes will decrease if fertilizer prices rise.

A) demand for
B) shortage of
C) supply of
D) equilibrium price of

117. Which factor will raise the price of milk?

A) a shift to the right of the supply curve for milk
B) a shift to the right of the demand curve for milk
C) an increase in the number of milk suppliers
D) a decrease in the number of milk buyers

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Use the following to answer questions 118-121:

Figure: Four Markets for Online Movie Rentals

118. (Figure: Four Markets for Online Movie Rentals) Use Figure: Four Markets for Online
Movie Rentals. If D1 or S1 is the original curve and D2 or S2 is the new curve, which of
the graphs shows a change that results in a decrease in the quantity of online movie
rentals supplied?
A) panel (a)
B) panel (b)
C) panel (c)
D) panel (d)

119. (Figure: Four Markets for Online Movie Rentals) Use Figure: Four Markets for Online
Movie Rentals. Which of the graphs illustrates what may happen in the market for
online movie rentals if D1 or S1 is the original curve and D2 or S2 is the new curve and if
the cost to the firm of producing online movie rentals falls?
A) panel (a)
B) panel (b)
C) panel (c)
D) panel (d)

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 120. (Figure: Four Markets for Online Movie Rentals) Use Figure: Four Markets for Online
Movie Rentals. Which of the graphs shows what may happen in the market for online
movie rentals if D1 or S1 is the original curve and D2 or S2 is the new curve, and if the
cost of buying the content for online movie distributors like Apple (i.e., the price that
Apple pays for the online content to sell to consumers) decreases?
A) panel (a)
B) panel (b)
C) panel (c)
D) panel (d)

121. (Figure: Four Markets for Online Movie Rentals) Use Figure: Four Markets for Online
Movie Rentals. Which of the graphs shows what may happen if D1 or S1 is the original
curve and D2 or S2 is the new curve, and if some of the online stores that rent online
movie rentals close?
A) panel (a)
B) panel (b)
C) panel (c)
D) panel (d)

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Use the following to answer questions 122-126:

Figure: Shifts in Demand and Supply

122. (Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply. The
figure shows how supply and demand might shift in response to specific events.
Suppose scientists discover that eating a tomato a day prevents ageing. Which panel
BEST describes how this will affect the market for tomatoes?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

123. (Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply. The
figure shows how supply and demand might shift in response to specific events.
Suppose a fall frost destroys one-third of the nation's apple crop. Which panel BEST
describes how this will affect the market for apples?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

Page 27
 124. (Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply. The
figure shows how supply and demand might shift in response to specific events.
Suppose a fall frost destroys one-third of the nation's apple crop. Which panel BEST
describes how this will affect the market for vitamin C tablets, which are a substitute in
consumption for apples?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

125. (Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply. The
figure shows how supply and demand might shift in response to specific events.
Suppose the population increases. Which panel BEST describes how this will affect the
market for apples?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

126. (Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply. The
graph shows how supply and demand might shift in response to specific events. Suppose
a new machine allows restaurants and fast-food outlets to produce french fries at a lower
cost. Which panel BEST describes how this will affect the market for french fries?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

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Use the following to answer questions 127-132:

Figure: Shifts in Demand and Supply II

127. (Figure: Shifts in Demand and Supply II) Use Figure: Shifts in Demand and Supply II.
The graph shows how supply and demand might shift in response to specific events.
Suppose scientists discover that eating pomegranates causes ageing. Which panel BEST
describes how this will affect the market for pomegranates?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

128. (Figure: Shifts in Demand and Supply II) Use Figure: Shifts in Demand and Supply II.
The graph shows how supply and demand might shift in response to specific events.
Suppose a drought destroys one-third of the nation's wheat crop. Which panel BEST
describes how this will affect the market for wheat?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

Page 29
 129. (Figure: Shifts in Demand and Supply II) Use Figure: Shifts in Demand and Supply II.
The graph shows how supply and demand might shift in response to specific events.
Suppose a fall frost destroys one-third of the nation's peach crop. Which panel BEST
describes how this will affect the market for vitamin B12 tablets, which are a substitute in
consumption for peaches?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

130. (Figure: Shifts in Demand and Supply II) Use Figure: Shifts in Demand and Supply II.
The figure shows how supply and demand might shift in response to specific events.
Suppose the birthrate decreases. Which panel BEST describes how this will affect the
market for diapers?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

131. (Figure: Shifts in Demand and Supply II) Use Figure: Shifts in Demand and Supply II.
The figure shows how supply and demand might shift in response to specific events.
Suppose vast new oilfields are discovered offshore of Newfoundland and gasoline prices
fall. Which panel BEST describes how this will affect the market for sport utility
vehicles, a complement in consumption of gasoline?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

132. (Figure: Shifts in Demand and Supply II) Use Figure: Shifts in Demand and Supply II.
The figure shows how supply and demand might shift in response to specific events.
Suppose the technology for producing ethanol fuel improves. Which panel BEST
describes how this will affect the market for ethanol?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

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Use the following to answer questions 133-136:

Figure: Shifts in Demand and Supply III

133. (Figure: Shifts in Demand and Supply III) Use Figure: Shifts in Demand and Supply III.
The figure shows how supply and demand might shift in response to specific events.
Suppose scientists discover that eating asparagus slows the ageing process. Which panel
BEST describes how this will affect the market for asparagus?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

134. (Figure: Shifts in Demand and Supply III) Use Figure: Shifts in Demand and Supply III.
The figure shows how supply and demand might shift in response to specific events.
Suppose a wet and sunny year increases the nation's corn crop by 20%. Which panel
BEST describes how this will affect the market for corn?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

135. (Figure: Shifts in Demand and Supply III) Use Figure: Shifts in Demand and Supply III.

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 The figure shows how supply and demand might shift in response to specific events.
Suppose a spring frost destroys one-third of the nation's artichoke crop. Which panel
BEST describes how this will affect the market for mayonnaise, which is a complement
to artichokes?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

136. (Figure: Shifts in Demand and Supply III) Use Figure: Shifts in Demand and Supply III.
The figure shows how supply and demand might shift in response to specific events.
Suppose the technology for producing snowboards improves. Which panel BEST
describes how this will affect the market for winter parkas, a complement in
consumption of snowboards?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

Use the following to answer questions 137-141:

Figure: Shifts in Demand and Supply IV

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 137. (Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV.
The figure shows how supply and demand might shift in response to specific events.
Suppose the Minister of Health announces that eating chocolate prevents heart disease.
Which panel BEST describes how this will affect the market for chocolate?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

138. (Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV.
The figure shows how supply and demand might shift in response to specific events.
Suppose the price of lumber falls dramatically. Which panel BEST describes how this
will affect the market for new houses?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

139. (Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV.
The figure shows how supply and demand might shift in response to specific events.
Suppose oil becomes more expensive. Which panel BEST describes how this will affect
the market for gasoline, which is made from oil?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

140. (Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV.
The figure shows how supply and demand might shift in response to specific events.
Suppose half of the people in Vancouver move to Calgary. Which panel BEST describes
how this will affect the market for houses in Calgary?
A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

141. (Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV.
The figure shows how supply and demand might shift in response to specific events.
Suppose half of the people in Vancouver pack up and move to Calgary. Which panel
BEST describes how this will affect the supply of houses in Vancouver?
A) Panel (a)
B) Panel (b)

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 C) Panel (c)
D) Panel (d)

Use the following to answer questions 142-143:

Figure: Supply and Demand in the Apple Juice Market

142. (Figure: Supply and Demand in the Apple Juice Market) Use Figure: Supply and
Demand in the apple juice market. The market is in equilibrium at point C. Suppose
most people drink apple juice only with cider. What will be the new equilibrium point in
the apple juice market if a law banning alcohol passes?
A) A
B) B
C) D
D) E

143. (Figure: Supply and Demand in the Apple Juice Market) Use Figure: Supply and
Demand in the apple juice market. The market is in equilibrium at point C. A reputable
scientist asserts in a major scientific publication that drinking apple juice will increase
your life span. What will be the MOST likely new equilibrium point in the apple juice
market?
A) A
B) B
C) D
D) E

144. Which factor ALWAYS results in an increase in price and quantity?

A) an increase in supply and a decrease in demand
B) an increase in demand with no change in supply
C) an increase in supply with no change in demand
D) a decrease in demand and supply

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 145. The market price of airline flights increased recently. Some economists suggest that the
price increased because of an increase in the number of business travelers. They believe
that, in the market for flights:
A) supply increased.
B) supply decreased.
C) demand increased.
D) demand decreased.

146. If tortilla chips are a normal good, when there is an increase in income, equilibrium
price _____ and equilibrium quantity _____.
A) decreases; increases
B) decreases; decreases
C) increases; increases
D) increases; decreases

147. In the market for tacos, a normal good, you observe that the equilibrium price and
quantity have increased. This can be caused only by:
A) an increase in the price of beef.
B) an increase in the wages of taco shop workers.
C) fewer taco shops.
D) an increase in the incomes of people who eat tacos.

148. Suppose you manage a grocery store. If peanut butter is an inferior good, what do you
suppose would happen to the price and quantity sold of peanut butter as incomes fell
during a recession?
A) The price would increase and the quantity would decrease.
B) The price and quantity would both increase.
C) The price and quantity would both decrease.
D) The price would decrease and the quantity would increase.

149. A newspaper story recently reported that the price of new cars, a normal good, has
decreased and the quantity of new cars sold has dropped. The new price and quantity
could have been caused by a(n):
A) decrease in buyers' incomes.
B) increase in buyers' incomes.
C) increase in production costs.
D) decrease in production costs.

150. If supply is upward sloping, a shift of a demand curve to the right, all other things
unchanged, will:

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A) increase equilibrium price and quantity.
B) decrease equilibrium price and quantity.
C) decrease equilibrium quantity and increase equilibrium price.
D) increase equilibrium quantity and decrease equilibrium price.

151. For consumers, pizza and hamburgers are substitutes. A rise in the price of a pizza
causes a _____ in the equilibrium price of a hamburger and a(n) _____ in the
equilibrium quantity of hamburgers.
A) rise; increase
B) rise; decrease
C) fall; increase
D) fall; decrease

152. If the economy booms and people's incomes rise, then the demand curve for a normal
good like new houses will _____ and the equilibrium quantity of new houses produced
will _____.
A) shift to the right; increase
B) not shift; not change
C) not shift; increase
D) shift to the left; decrease

153. A new wonder diet that results in a dramatic weight loss sweeps through Canada. The
key to the diet is to eat large amounts of red meat (beef) but no poultry or carbohydrate-
rich foods. As hundreds of thousands of Canadians switch to the new diet, we can
expect a(n) _____ in the _____ beef, leading to a shift to the _____ in the _____ curve
for beef and _____ beef prices.
A) increase; demand for; right; demand; higher
B) increase; demand for; right; demand; lower
C) decrease; supply of; left; supply; higher
D) decrease; demand for; left; demand; higher

154. A new wonder diet that results in a dramatic weight loss sweeps through Canada. The
key to the diet is to eat large amounts of red meat (beef) but no poultry or carbohydrate-
rich foods. As hundreds of thousands of Canadians switch to the new diet, we can
expect a(n) _____ in the _____ poultry, leading to a shift to the _____ in the _____
curve for poultry and _____ poultry prices.
A) decrease; supply of; left; supply; higher
B) increase; supply of; right; supply; higher
C) decrease; demand for; right; demand; lower
D) decrease; demand for; left; demand; lower

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 155. Consider two competing motorcycle manufacturers, Harley-Davidson and Honda. If
Harley-Davidson raises the price of its motorcycles, we can expect:
A) a shift to the right in the supply curve of Hondas and lower prices for Hondas.
B) a shift to the left in the supply curve of Hondas and higher prices for Hondas.
C) a shift to the right in the demand curve for Hondas and higher prices for Hondas.
D) a shift to the left in the demand curve for Hondas and lower prices for Hondas.

156. If supply is upward sloping, an increase in demand with no change in supply will lead to
a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease

157. French fries and hamburgers are complements in consumption. Suppose the cost of the
ingredients used to make hamburgers rises, so that the price of a hamburger rises. Then
the equilibrium price of french fries _____ and the equilibrium quantity _____.
A) rises; increases
B) rises; decreases
C) falls; increases
D) falls; decreases

158. If supply is upward sloping, a decrease in demand with no change in supply will lead to
a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease

159. Given a supply curve that is positively sloped and a demand curve for a normal good
that is negatively sloped, an increase in income will result in:
A) an increase in equilibrium price and quantity.
B) a decrease in equilibrium price and an increase in equilibrium quantity.
C) a decrease in both equilibrium price and quantity.
D) an increase in equilibrium price and a decrease in equilibrium quantity.

160. If supply is upward sloping, an increase in demand, all other things unchanged, will
result in a(n) _____ in equilibrium price and a(n) _____ in equilibrium quantity.
A) increase; increase
B) decrease; decrease
C) decrease; increase

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D) increase; decrease

161. If demand is downward sloping, a decrease in supply with no change in demand will
lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease

162. If demand is downward sloping, an increase in supply with no change in demand will
lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease

163. You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold
increases. This set of observations can be the result of the _____ Blu-ray players shifting
to the _____.
A) demand for; right
B) demand for; left
C) supply of; right
D) supply of; left

164. In the market for corn tortilla chips, what would cause a price increase?
A) Doctors tell their patients that tortilla chips are unhealthy.
B) There is a technological advance in tortilla chip production.
C) A fungus kills much of the corn crop in Quebec.
D) The price of salsa triples.

165. The market price of airline flights increased recently. Some economists suggest that the
price increased because several airlines went out of business. They believe that, in the
market for flights:
A) supply increased.
B) supply decreased.
C) demand increased.
D) demand decreased.

166. The market price of airline flights increased recently. Some economists suggest that the
price increased because jet fuel is much more expensive than before. As a result, they

Page 38
 believe that, in the market for flights:
A) supply increased.
B) supply decreased.
C) demand increased.
D) demand decreased.

167. In the market for grass-fed beef, what would cause a price increase?
A) The price of chicken decreases.
B) Doctors tell patients that beef is full of saturated fat that causes heart attacks.
C) The prices of grass and corn increase.
D) There is a movement in Canada toward vegetarianism.

168. The market for corn is in equilibrium. Which factor is most likely to INCREASE the
equilibrium price of corn?
A) a bountiful harvest
B) increasing production of corn-based ethanol
C) decreasing household incomes, with corn being a normal good
D) a decrease in the price of wheat, a substitute in consumption

169. The market for lemonade is in equilibrium and the price of lemons rises. In the
lemonade market, _____ will _____, _____ the price and _____ the quantity.
A) demand; decrease; decreasing; decreasing
B) demand; decrease; increasing; decreasing
C) supply; increase; decreasing; increasing
D) supply; decrease; increasing; decreasing

170. Suppose the input costs associated with manufacturing hair replacement treatments
decrease over time. This would lead to a(n):
A) increase in the supply of such treatments, lower prices, and an increase in the
equilibrium quantity.
B) decrease in the quantity supplied and lower prices.
C) increase in demand and higher prices.
D) decrease in the supply of such treatments, higher prices, and a decrease in the
equilibrium quantity.

171. The price of microchips used to produce computers falls. As a result, the equilibrium
price of computers _____ and the equilibrium quantity _____.
A) rises; increases
B) rises; decreases
C) falls; decreases
D) falls; increases

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 172. You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold
increases. You suspect that _____ Blu-ray players shifts to the _____.
A) demand for; right.
B) demand for; left.
C) supply of; right.
D) supply of; left.

173. If the United States increases tariffs on imports of lumber from Canada (which raises the
price of lumber in the United States), the equilibrium price of new homes in the United
States will _____ and the equilibrium quantity of new homes in the United States will
_____.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease

174. Customers used to pay inside before pumping gas. When gas stations introduced paying
at the pump, thus decreasing production costs, there was a shift to the _____ in the
_____ curve and gas prices _____.
A) right; supply; decreased
B) left; supply; increased
C) right; demand; increased
D) left; demand; decreased

175. Suppose that public utilities burned oil to generate electricity. If the price of oil
increases, we expect a shift to the _____ in the _____ curve for _____ and a _____ price
for electricity.
A) right; supply; electricity; lower
B) left; supply; electricity; higher
C) right; demand; oil; higher
D) left; demand; oil; lower

176. The market for milk is initially in equilibrium. Milk producers successfully advertise to
encourage milk drinking. At the same time, more milk producers enter the market.
Standard demand and supply analysis tells us that the:
A) equilibrium price and the quantity of milk will rise.
B) equilibrium price and the quantity of milk will fall.
C) equilibrium quantity of milk will rise, but we can't determine how the equilibrium
price will be affected.
D) equilibrium price of milk will rise, but we can't determine how the equilibrium

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 quantity will be affected.

177. Consider the market for iPads. What happens if a fantastic new alternative tablet is
developed by Samsung and, at the same time, a boat carrying a large shipment of iPads
is attacked by pirates and sunk?
A) Price decreases and quantity increases.
B) Price increases and quantity increases.
C) The change in price is indeterminate and quantity decreases.
D) Price increases and the change in quantity is indeterminate.

178. Consider the market for corn. What happens if there is an increased demand for corn
tortillas and, at the same time, a new corn seed becomes available that dramatically
increases the yield per hectare?
A) Price and quantity decrease.
B) The change in price is indeterminate; quantity decreases.
C) The change in price is indeterminate; quantity increases.
D) Price increases; the change in quantity is indeterminate.

179. In the local market for coffee, a normal good, the price will _____ and the quantity will
_____ if new coffee shops open and consumers' incomes decrease because of a
recession.
A) increase; be indeterminate
B) decrease; be indeterminate
C) be indeterminate; increase
D) be indeterminate; decrease

180. Suppose the local real estate market is in equilibrium. A recession causes local
household incomes to decline. At the same time, construction of a large subdivision of
new homes has just been completed. Given these two changes and assuming that real
estate is a normal good, we can predict that the price of real estate will _____ and the
quantity of real estate bought and sold will _____.
A) fall; fall
B) fall; rise
C) fall; rise or fall
D) rise; fall or rise

181. Suppose the market for gasoline is in equilibrium. You have heard that the price of crude
oil is falling because of new oil discoveries. You are also aware that the number of car
and truck drivers is steadily rising. Knowing this, you predict that the price of gasoline
will _____ and the quantity of gasoline bought and sold will _____.
A) rise; rise

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B) rise; fall
C) rise or fall; rise
D) rise or fall; fall

182. A recent news story reported that the Organization of Petroleum Exporting Countries is
expected to decrease the supply of oil next summer. Summer is traditionally a time of
increased demand for oil because of vacation travel. What would be the combined effect
of these two events on the summer market for gasoline?
A) an increase in the price and the quantity
B) an increase in the price and an unpredictable change in the quantity
C) an unpredictable change in both the price and the quantity
D) an unpredictable change in the price and a decrease in the quantity

183. Suppose that more police and security workers become aware that wearing bulletproof
vests can protect them from injury and decide to start wearing bulletproof vests. At the
same time, the price of ceramics used to produce the vests falls. The equilibrium price of
bulletproof vests _____ and the equilibrium quantity produced _____.
A) increases; increases
B) decreases; decreases
C) probably changes, but in an ambiguous direction; probably changes, but in an
ambiguous direction
D) probably changes, but in an ambiguous direction; increases

184. An increase in the price and an ambiguous change in quantity are MOST likely caused
by:
A) a shift to the left in demand and no shift in supply.
B) a shift to the left in supply and no shift in demand.
C) a shift to the right in supply and a shift to the left in demand.
D) a shift to the left in supply and a shift to the right in demand.

185. Suppose that supply increases and demand decreases. What is the MOST likely effect on
price and quantity?
A) The price will increase, but quantity may increase, decrease, or stay the same.
B) The price will decrease, but quantity may increase, decrease, or stay the same.
C) The price will decrease and quantity will decrease.
D) The price will increase and quantity will increase.

186. An ambiguous change in price and a decrease in quantity are MOST likely caused by:
A) no shift in supply and a shift to the left in demand.
B) a shift to the left in supply and a shift to the left in demand.
C) a shift to the right in supply and a shift to the left in demand.

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D) a shift to the left in supply and a shift to the right in demand.

187. The cost of sensors used in making digital cameras falls, while a successful ad campaign
makes digital cameras more fashionable. As a result, the equilibrium price of digital
cameras _____ and the equilibrium quantity _____.
A) increases; increases
B) increases; may increase, decrease, or stay the same
C) may increase, decrease, or stay the same; increases
D) decreases; increases

188. A decrease in demand and a decrease in supply will lead to a(n) _____ in equilibrium
quantity and a(n) _____ in equilibrium price.
A) decrease; indeterminate change
B) indeterminate change; increase
C) indeterminate change; decrease
D) increase; indeterminate change

189. An increase in demand and a decrease in supply will lead to a(n) _____ in equilibrium
quantity and a(n) _____ in equilibrium price.
A) decrease; decrease
B) indeterminate change; increase
C) indeterminate change; decrease
D) increase; indeterminate change

190. It is certain that the equilibrium price will fall when:

A) both the supply curve and the demand curve shift to the right.
B) the supply curve shifts to the right and the demand curve shifts to the left.
C) both supply and demand increase.
D) supply decreases and demand stays the same.

191. It is certain that the equilibrium price will rise when the supply curve shifts to the _____
and the demand curve shifts to the _____.
A) right; right
B) right; left
C) left; left
D) left; right

192. It is almost certain that the equilibrium quantity will fall when:
A) both the supply curve and the demand curve shift to the right.
B) the supply curve shifts to the right and the demand curve shifts to the left.

Page 43
 C) the supply curve shifts to the left and the demand curve shifts to the right.
D) the supply curve shifts to the left and the demand curve stays the same.

193. It is certain that the equilibrium quantity will rise when:

A) both the supply curve and the demand curve shift to the right.
B) the supply curve shifts to the right and the demand curve shifts to the left.
C) both the supply curve and the demand curve shift to the left.
D) the supply curve shifts to the left and the demand curve stays the same.

194. Equilibrium quantity will always increase if:

A) both supply and demand increase.
B) supply increases and demand decreases.
C) both supply and demand decrease.
D) supply decreases and demand remains unchanged.

Use the following to answer questions 195-198:

Figure: Demand for Coconuts

195. (Figure: Demand for Coconuts) Use Figure: Demand for Coconuts. If fish is a substitute
good for coconuts and the price of fish increases, it will be represented in the figure as a:
A) shift from D1 to D2
B) movement from point A to point B
C) shift from D1 to D3
D) movement from point B to point E

196. (Figure: Demand for Coconuts) Use Figure: Demand for Coconuts. If coconuts are a
normal good and the income level of consumers falls, it will be represented in the figure
as a:
A) shift from D1 to D2

Page 44
 B) movement from point A to point B
C) shift from D1 to D3
D) movement from point B to point C

197. (Figure: Demand for Coconuts) Use Figure: Demand for Coconuts. If there is an
increase in preference for coconuts, it will be represented in the figure as a:
A) shift from D1 to D2
B) movement from point A to point B
C) shift from D1 to D3
D) movement from point B to point E

198. (Figure: Demand for Coconuts) Use Figure: Demand for Coconuts. If coconuts are a
normal good and consumers believe that the price of coconuts will rise significantly in
the near future, it will be represented in the figure as a:
A) shift from D1 to D2
B) movement from point B to point A
C) shift from D1 to D3
D) movement from point B to point E

Use the following to answer questions 199-201:

199. (Table: The Demand for Chocolate-Covered Peanuts) Use Table: The Demand for
Chocolate-Covered Peanuts. Barbara demands 20 bags of chocolate-covered peanuts per
month when the price of each bag is:
A) $0.90.
B) $0.80.
C) $0.70.
D) $0.60.

200. (Table: The Demand for Chocolate-Covered Peanuts) Use Table: The Demand for
Chocolate-Covered Peanuts. If George, Barbara, and Dan are the only three buyers in

Page 45
 the market and the price of a bag of chocolate-covered peanuts is $0.80, the total market
quantity demanded is _____ bags per month.
A) 70
B) 80
C) 105
D) 280

201. (Table: The Demand for Chocolate-Covered Peanuts) Use Table: The Demand for
Chocolate-Covered Peanuts. If George, Barbara, and Dan are the only three buyers in
the market and the price of a bag of chocolate-covered peanuts is $0.50, the total market
quantity demanded is _____ bags per month.
A) 80
B) 105
C) 210
D) 280

Use the following to answer questions 202-203:

Figure: Demand for Online Movie Rentals

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 202. (Figure: Demand for Online Movie Rentals) Use Figure: Demand for Online Movie
Rentals. A decrease in the price of Google Chromecast adapters (a complement good)
would result in a change illustrated by the move from:
A) f to g in panel (a).
B) h to i in panel (b).
C) j to k in panel (c).
D) l to m in panel (d).

203. (Figure: Demand for Online Movie Rentals) Use Figure: Demand for Online Movie
Rentals. A decrease in the price of movie tickets (a substitute) would result in a change
illustrated by the move from:
A) f to g in panel (a).
B) h to i in panel (b).
C) j to k in panel (c).
D) l to m in panel (d).

204. When milk consumption decreased, a survey firm wanted to know what was going on,
so they interviewed people and found that people thought that rising milk prices were
making it hard to justify their milk purchases. This suggests that what is going on is a:
A) movement along the demand curve for milk.
B) movement along the supply curve for milk.
C) shift of the demand curve for milk.
D) shift of the supply curve for milk.

205. A decrease in the price of eggs will result in a(n):

A) increase in the demand for eggs.
B) increase in the supply of eggs.
C) shift in the supply curve for eggs.
D) movement along the demand curve for eggs.

206. A decrease in the price of a good will generally result in an:

A) increase in demand.
B) increase in supply.
C) increase in the quantity demanded.
D) increase in the quantity supplied.

207. If the price of corn rises, we generally expect the:

A) quantity of corn demanded to rise.
B) quantity of corn supplied to rise.
C) demand for corn to shift inward.

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D) supply of corn to shift outward.

208. Assume that corn is an input in the production of beef but not in the production of pork.
Further, beef and pork are substitutes in consumption. A decrease in the price of corn
will _____ the supply of beef and _____ the demand for pork.
A) increase; increase
B) decrease; increase
C) decrease; decrease
D) increase; decrease

209. The market for soy beans is initially in equilibrium, with an upward-sloping supply
curve and a downward-sloping demand curve. Because of mad cow disease, producers
decide to replace bone meal with soy beans in cattle feed. The likely effect is that the:
A) equilibrium price and quantity of soy beans will rise.
B) equilibrium price and quantity of soy beans will fall.
C) equilibrium quantity of soybeans will rise, but we can't determine what will happen
to the equilibrium price.
D) equilibrium price of soy beans will rise, but we can't determine what will happen to
the equilibrium quantity.

210. An increase in _____ will have an ambiguous (uncertain) effect on price.

A) tastes and preferences
B) the price of a substitute
C) the price of a complement
D) income

211. Which factor would result in a movement along the demand curve?
A) a change in preferences
B) an increase in the number of buyers
C) an increase in the number of suppliers
D) a decrease in income

212. A competitive market occurs when there are many buyers and sellers of the same good.
A) True
B) False

213. The demand curve for season tickets for the Toronto Raptors is the graphical
representation of the number of season tickets consumers want to buy at any given
price.
A) True

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B) False

214. An increase in demand for good X can be caused by a decrease in the price of X.
A) True
B) False

215. The terms decrease in demand and decrease in quantity demanded can be used
interchangeably.
A) True
B) False

216. According to the law of demand, if the price of steak increases in Alberta, the demand
for steak will decrease in Alberta.
A) True
B) False

217. An increase in income will always shift the demand curve to the right.
A) True
B) False

218. If coffee and tea are viewed as substitutes in consumption, then an increase in the price
of coffee will increase the demand for tea.
A) True
B) False

219. After graduation many students' demand for used cars decreases. This may be because
used cars are considered a normal good to university graduates.
A) True
B) False

220. The supply curve for apartments in Edmonton reflects how many apartments landlords
are willing and able to offer for rent at various prices.
A) True
B) False

221. An increase in the price of contact lenses will increase the supply of contact lenses.
A) True
B) False

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 222. A major input into vanilla ice cream is cream. An increase in the price of cream will
reduce the quantity of vanilla ice cream supplied, but it will not reduce the supply of
vanilla ice cream.
A) True
B) False

223. If the input costs associated with supplying gasoline increase in Prince Edward Island,
the supply of gasoline in Prince Edward Island will decrease.
A) True
B) False

224. If there is an excess supply of a good, the problem of scarcity does not apply to that
good.
A) True
B) False

225. Suppose there is an excess supply of chemical engineers in India. Over time, the salaries
for chemical engineers will fall in India.
A) True
B) False

Use the following to answer questions 226-227:

Figure: Supply, Demand, and Equilibrium

226. (Figure: Supply, Demand, and Equilibrium) Use Figure: Supply, Demand, and
Equilibrium. In the figure, there will be excess demand for the good at a price of P3.
A) True
B) False

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 227. (Figure: Supply, Demand, and Equilibrium) Use Figure: Supply, Demand, and
Equilibrium. In the figure, there will be an excess supply of the good at a price of P1.
A) True
B) False

228. Suppose there is an excess demand for water in Manitoba. This means that we can
expect the price of water to increase in Manitoba over time.
A) True
B) False

229. If consumer tastes for electric cars increase over the next 10 years and there is no
change in supply, we expect to see an increase in the demand for electric cars, higher
electric car prices, and an increase in the equilibrium quantity of electric cars.
A) True
B) False

230. “In 2008, air travel decreased substantially, despite significant reductions in ticket
prices.” If this information is correct, it indicates that the law of demand did not apply to
air travel in 2008.
A) True
B) False

231. If demand decreases and supply increases, the direction of change in the equilibrium
quantity is unpredictable unless the relative magnitudes of the demand and supply
changes are known.
A) True
B) False

232. Apple and Samsung are large corporations that produce smartphones, the iPhone and the
Galaxy, respectively. They are constantly trying through expensive advertising and
product innovations to persuade customers to buy their brands. Is the smartphone
market a competitive one in an economic sense? Why or why not?

233. Explain the law of demand. What does it tell us about the shape of a demand curve?

234. Why are economists so particular about the difference between an increase in the
quantity demanded and an increase in demand? Aren't they the same thing?

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235. A small private university increases tuition, while a large public university in the same
province does not. What will happen to the demand (enrollment) for both schools?

236. How would each of the listed events affect the demand for new textbooks?
I. The price of a used textbook rises.
II. The price of university tuition rises.
III. More high-school graduates decide to attend university.

237. In the following cases, explain what happens to demand or quantity demanded and how
the change would be shown on a graph of the demand schedule.
I. Assuming that tickets to a CFL game are normal goods, what is the effect of an
increase in the incomes of CFL fans?
II. Assuming that TSN and RDS (rival sports channels) are substitutes, what happens if
the price of a TSN subscription increases?
III. Assuming that data plans and cell phones are complements, what happens if the
price of data plans decreases?

238. Suppose the supply curve for soap bubbles has a slope of +1 and intersects the vertical
axis at a price of $2 per bottle. Further suppose that the horizontal axis unit is thousands
of soap bubble bottles. Interpret the meaning of both the y-intercept and the slope.

239. How would each of the listed events affect the supply of compact cars?
I. The price of steel rises.
II. The production technology for car manufacturing improves.
III. The price of sport utility vehicles falls.

240. Why do many stores have big after-Halloween sales on their Halloween merchandise?

241. You read that university tuition is rising every year, and yet more students attend
university every year. Isn't this a violation of the law of demand?

242. In Ontario, the price of an ear of corn is always lowest in the summer. This seems odd
because consumers really enjoy eating ears of corn in the summer. Can you explain this?

243. In August 2005, Hurricane Katrina damaged or destroyed oil platforms in the Gulf of
Mexico, refineries along the Gulf coast, and the pipeline infrastructure that transports oil
and gas to customers across the eastern United States. The winter of 2006 was unusually

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cold in many parts of the country. How did these events affect the market for natural
gas?

244. Markets that are characterized by many buyers and many sellers are:
A) inefficient.
B) competitive.
C) foreign.
D) monopolies.

245. Alice goes to the local supermarket to purchase one package of kale. She often pays
$1.50 for a package, but she finds they are on sale for $1 each. According to the law of
demand, one can expect shoppers like Alice to:
A) purchase an alternative good.
B) purchase more kale than they normally would.
C) decide not to purchase kale .
D) buy the same amount of kale as they always do, on average.

246. When the price of a good increases and the quantity demanded decreases, this
demonstrates:
A) efficiency
B) the law of demand
C) the supply schedule
D) the production possibilities frontier

247. Recent research suggests that certain plastic containers may have cancer-causing
particles in them. As a result of this research being made public, one would expect:
A) the demand for such containers to decrease.
B) the quantity demanded for such containers to increase.
C) no effect.
D) the price of the containers to change because of a movement along the demand
curve.

248. Good X and good Y are related. If the price of good X increases and the demand for
good Y shifts left, these goods are:
A) complements.
B) substitutes.
C) inferior.
D) normal.

249. Suppose apples and peaches are substitutes. Holding everything else constant, if the

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 price of apples increases, then the demand for _____ will _____.
A) peaches; increase
B) peaches; decrease
C) apples; increase
D) apples; decrease

250. Good X and good Y are related goods. Holding everything else constant, if the price of
good X decreases and the demand for good Y increases, good X and good Y are
probably:
A) complements.
B) substitutes.
C) inferior.
D) normal.

251. Good X and good Y are substitutes. Holding all other things constant, this means that,
when the price of good X increases, the demand for:
A) good X will increase.
B) good Y will increase.
C) both good X and good Y will increase.
D) good Y will decrease.

252. Holding all other things constant, and assuming that ramen noodles are an inferior good
for Vanessa, then as her income increases, her demand curve for ramen noodles:
A) will shift left.
B) will shift right.
C) will not shift at all.
D) may shift left or right, but we're not sure by how much.

253. If Benjamin considers sushi to be a normal good and if his income increases by 20%, his
purchases of sushi will:
A) decrease by 20%.
B) increase.
C) decrease.
D) not change.

254. The demand for a good will increase if:

A) there is a decrease in the price of the good.
B) the price of inputs needed in the production of the good decreases.
C) there is an increase in the number of consumers in this market.
D) the price of a complementary good increases.

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 255. The horizontal summation of individual demand curves for a particular product, holding
the price constant and completed for all possible prices, gives you:
A) market demand.
B) market supply.
C) complements in production.
D) substitutes in production.

256. Milk is an important ingredient in the production of ice cream. If the price of milk
increases, then one would expect, holding all other things constant:
A) the supply curve for ice cream to shift left.
B) the supply curve for ice cream to shift right.
C) no change in the supply curve for ice cream.
D) a movement along the supply curve for ice cream curve, resulting in more ice
cream supplied.

257. High-fructose corn syrup, which is derived from corn, is an important ingredient in the
production of many soft drinks. If the price of corn increases, one would expect the:
A) supply curve for soft drinks to shift left.
B) quantity supplied of soft drinks to increase.
C) demand for soft drinks to increase.
D) supply curve for soft drinks to shift right.

258. Which factor would NOT result in an increase in the supply of a good?
A) a decrease in input prices
B) a beneficial technological change
C) an increase in the number of suppliers
D) an increase in input prices

259. A farmer finds that when he produces more corn, he also has more cornstalks that he can
sell as decorations. To the farmer, corn and cornstalks are:
A) complements in production.
B) substitutes in production.
C) unrelated goods.
D) inferior goods.

260. If two of a producer's goods are substitutes in production, this suggests that the producer
(with her fixed set of resources) will need to reduce the production of one good when
she:
A) produces less of the other good.
B) produces more of the other good.

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 C) has an increase in resources.
D) produces more of the other good and has an increase in resources.

261. Researchers find a new strain of genetically modified seeds that result in a higher yield
for corn producers. Holding all other things constant, this research will:
A) shift the supply curve for corn left.
B) increase the quantity supplied of corn.
C) decrease the quantity supplied of corn.
D) shift the supply curve for corn to the right.

262. If suppliers expect prices for their product to rise next year, then one would expect a:
A) shift in the demand curve for the product this year.
B) decrease in the quantity demanded this year.
C) shift to the left in the supply curve for the product this year.
D) shift to the right in the supply curve for the product this year.

263. The market for good Y, a perfectly competitive good, is made up of 15 producers who
each produce the same amount of good Y. If the price of good Y is $100 and the total
quantity supplied is 150, how many units of good Y is each producer supplying?
A) 10
B) 150
C) 100
D) 15

Use the following to answer questions 264-267:

264. (Table: Competitive Market for Good Z) Use Table: Competitive Market for Good Z. A
surplus of the good will occur at a price of:
A) $0.
B) $5.
C) $10.

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 D) $15.

265. (Table: Competitive Market for Good Z) Use Table: Competitive Market for Good Z.
The equilibrium price and quantity in this market are, respectively:
A) $5 and 40 units.
B) $20 and 60 units.
C) $10 and 30 units.
D) $10 and 60 units.

266. (Table: Competitive Market for Good Z) Use Table: Competitive Market for Good Z. If
the demand curve for good Z is linear, it can be expressed as:
A) Qd = 3P.
B) Qd = 50 – 2P.
C) Qd = Qs.
D) Qd = 100 – 2P.

267. (Table: Competitive Market for Good Z) Use Table: Competitive Market for Good Z. If
the supply curve for good Z is linear, it can be expressed as:
A) Qs = 3P.
B) Qs = 50 – 2P.
C) Qs = 100 – 2P.
D) Qs = Qd

Use the following to answer questions 268-269:

Figure: The Market for Candy

268. (Figure: The Market for Candy) Use Figure: The Market for Candy. Equilibrium occurs
at a price of _____, and the equilibrium quantity is equal to _____.
A) P1; Q5

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B) P2; Q3
C) P3; Q2
D) P1; Q3

269. (Figure: The Market for Candy) Use Figure: The Market for Candy. A surplus of the
good will exist at a price of:
A) P1.
B) P2.
C) P3.
D) There are no surpluses in this market.

270. When a market is in equilibrium, the quantity:

A) demanded is equal to zero.
B) demanded is equal to the quantity supplied.
C) demanded is greater than the quantity supplied.
D) supplied is zero.

271. Suppose that people expect the price of Bluetooth speakers to rise next year. As a result
of this expectation, people will MOST likely:
A) purchase fewer Bluetooth speakers this year.
B) observe higher prices for Bluetooth speakers this year.
C) purchase the same amount of Bluetooth speakers since this expectation will have
no effect on consumers this year.
D) decide to wait and purchase the Bluetooth speakers next year.

272. Suppose that the demand curve for good Z is downward sloping. If the price of good Z
decreases because of a shift in supply, this will cause:
A) an increase in the demand for good Z.
B) a movement along the demand curve of good Z.
C) no effect on the quantity demanded of good Z.
D) fewer people to purchase good Z.

273. An increase in the price of sugar (an ingredient for soft drinks) and an increased concern
about tooth decay caused by the consumption of soft drinks will result in which of the
following in the soft drink market?
A) There will be an increase in both the equilibrium price and quantity.
B) The equilibrium quantity will decrease, but the equilibrium price may decrease,
increase, or stay the same.
C) There will be a decrease in both the equilibrium price and quantity.
D) The equilibrium quantity will increase, but the equilibrium price may decrease,
increase, or stay the same.

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 274. When an increase in the price of wheat, an important ingredient in the production of
bread, happens at the same time as an increase in the number of people consuming
bread:
A) both the equilibrium price and quantity will increase.
B) the equilibrium quantity will decrease, but the equilibrium price may decrease,
increase, or stay the same.
C) both the equilibrium price and quantity will decrease.
D) the equilibrium price will increase, but the equilibrium quantity may decrease,
increase, or stay the same.

275. Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If
the price of oil increases at the same time that incomes fall for many consumers, one
would expect the equilibrium price of many normal goods to _____, while their
equilibrium quantities would _____.
A) fall; rise
B) fall, rise, or stay the same; decrease
C) decrease; fall, rise, or stay the same
D) fall; fall

276. Rice and potatoes are substitutes in consumption. If the price of rice rises and there is a
bumper crop of potatoes, in the market for potatoes one would expect the equilibrium
price to _____ and the equilibrium quantity to _____.
A) fall, rise, or stay the same; rise
B) rise; fall
C) fall; fall
D) rise; fall, rise, or stay the same

277. A beneficial technological change is developed in the production of cranberries. At the

same time, scientists discover that cranberries have significant health benefits. This will
result in:
A) an increase in both the equilibrium price and quantity in the cranberry market.
B) an increase in the equilibrium quantity and an uncertain effect on the equilibrium
price of cranberries.
C) a decrease in both the equilibrium price and quantity in the cranberry market.
D) a decrease in the equilibrium price and an uncertain effect on the equilibrium
quantity of cranberries.

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Answer Key

1. C
2. D
3. A
4. B
5. A
6. A
7. B
8. B
9. B
10. C
11. B
12. D
13. C
14. D
15. D
16. B
17. C
18. B
19. C
20. B
21. C
22. C
23. C
24. B
25. D
26. C
27. B
28. A
29. B
30. B
31. B
32. C
33. C
34. A
35. D
36. B
37. C
38. D
39. C
40. A
41. C
42. B
43. B
44. B

Page 60
45. D
46. A
47. A
48. C
49. D
50. A
51. D
52. A
53. D
54. D
55. A
56. B
57. C
58. B
59. A
60. A
61. A
62. B
63. D
64. C
65. D
66. A
67. C
68. B
69. A
70. B
71. C
72. D
73. A
74. B
75. D
76. C
77. C
78. C
79. C
80. B
81. A
82. A
83. D
84. B
85. B
86. A
87. A
88. B
89. A
90. A

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 91. D
92. D
93. A
94. C
95. B
96. C
97. B
98. B
99. D
100. B
101. C
102. D
103. B
104. D
105. C
106. B
107. D
108. B
109. D
110. A
111. C
112. A
113. B
114. A
115. A
116. C
117. B
118. C
119. D
120. D
121. B
122. C
123. B
124. C
125. C
126. A
127. B
128. C
129. A
130. B
131. A
132. D
133. A
134. B
135. D
136. A

Page 62
137. B
138. C
139. D
140. B
141. C
142. C
143. B
144. B
145. C
146. C
147. D
148. B
149. A
150. A
151. A
152. A
153. A
154. D
155. C
156. A
157. D
158. D
159. A
160. A
161. C
162. B
163. C
164. C
165. B
166. B
167. C
168. B
169. D
170. A
171. D
172. C
173. B
174. A
175. B
176. C
177. C
178. C
179. B
180. C
181. C
182. B

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183. D
184. D
185. B
186. B
187. C
188. A
189. B
190. B
191. D
192. D
193. A
194. A
195. A
196. C
197. A
198. A
199. C
200. C
201. C
202. B
203. A
204. A
205. D
206. C
207. B
208. D
209. A
210. D
211. C
212. A
213. A
214. B
215. B
216. B
217. B
218. A
219. B
220. A
221. B
222. B
223. A
224. B
225. A
226. B
227. B
228. A

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229. A
230. B
231. A
232.
233.
234.
235.
236.
237.
238.
239.
240.
241.
242.
243.
244. B
245. B
246. B
247. A
248. A
249. A
250. A
251. B
252. A
253. B
254. C
255. A
256. A
257. A
258. D
259. A
260. B
261. D
262. C
263. A
264. D
265. C
266. B
267. A
268. B
269. A
270. B
271. B
272. B
273. B
274. D

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275. B
276. A
277. B

Page 66